I am behind the 8 ball this morning, as I took it easy and did a little grocery shopping on this beautiful sunny Cote d’Azur day.
I’m enjoying my last two days in beautiful Cannes, as I prepare to move to my permanent home which I’ve purchased in Nice, right on Place du Pin for those of you who know the town. I’m very excited.
If you have never been to the South of France, come! You will be enchanted. But don’t come in summer. Too crowded. Come in the shoulder season of spring and fall, or even the low season in winter. It’s fantastic any time of year. And by all means, contact me, and I’ll spend a little time showing you my favorite spots. You can use the contact form on Wall Street Examiner or Liquidity Trader to get in touch.
Now, as for the market today, the setup on the ES 24 hour S&P futures hourly chart still looks pretty bullish for today, despite the pullback here in the premarket. That will remain true as long as the hold above 4265. If they break that, all bets are off. The crash could resume. But I’m favoring it holding at this point.
The test for the bulls would be to clear 4310. If they can do that it would establish a little bit of an uptrend that should carry to 4350. If they can’t, then the trading range that develops is more likely to be just a way station to further stops on the downhill train.
Meanwhile, look at the 13 week T-bill. If it makes it to 1.00 by the time of next week’s FOMC meeting it might force the Fed to go .75. That would shock the shit out of the market.
And look at the 10 year. We’re finally seeing that Treasury paydown effect rally that I’ve been expecting, but boy is is puny. If they don’t get it under 2.75 this week, we’ll see 3+ immediately after the Fed circus.
Tons of Cash, Not In Use, Signals this Huge Change in the Market
I’m currently updating the gold report. Oh the humanity. Meanwhile, have a look, if you can bear to not avert your eyes.
And for the big picture:
- Swing Trade Chart Pick Screens Flip Flop April 25, 2022
- Ugly Whipsaw Revives Crash Potential in Stocks April 25, 2022
- Tons of Cash, Not In Use, Signals this Huge Change in the Market April 23, 2022
- Sell Gold in May and Go Away? April 19, 2022
- Primary Dealers Still Long and Wrong, But A Gift Rally Looms! April 11, 2022
- Why March Withholding Taxes Showing Red Hot Economy Is Bearish April 3, 2022
- Fragile and Dangerous Semi Blind Spot March 28, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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